Ashton Mining of Canada Inc.: 2003 Quebec Exploration
Program Approved
VANCOUVER, BRITISH COLUMBIA--Robert T. Boyd, President and CEO of
Ashton Mining of Canada Inc. ("Ashton"), is pleased to announce
that Ashton and its joint venture partner, SOQUEM INC.
("SOQUEM"), intend to implement a diamond exploration program in
north-central Quebec in 2003 with an estimated budget of
$6,000,000. The program will focus on further evaluation of a
core area situated within the Renard cluster of eight kimberlitic
bodies on the Foxtrot property (the "Core Area"), as well as
further exploration directed toward new discoveries.
The primary objective of the 2003 program is to better define the
size and diamond content of the six kimberlitic bodies located
within the Core Area. Measuring less than 0.5 square km, this
area includes Renard 2, 3, 4, 5, 6 and 8 and one untested high
priority target located 150 m south of Renard 4. As reported on
November 12, 2002, a 111.8 kg sample from Renard 8 returned nine
diamonds larger than 0.100 mm. The diamond results for the other
five bodies are shown in the table below:
/T/
Diamond Results - Renard 2, 3, 4, 5 and 6
Kimberlitic DMS Sample Largest Diamonds Estimated Diamond
Body Weight Recovered (carats) Content
(tonnes) (greater than
0.85 mm)
(cpht)
----------------------------------------------------------------------
Renard 2
(Note 1) 2.44 0.16, 0.14, 0.12, 0.10, 0.10 69
Renard 3 4.88 0.73, 0.31, 0.25, 0.23, 0.22 134
Renard 4 4.81 0.28, 0.26, 0.16, 0.16 65
Renard 5 0.36 0.92 (Note 2)
Renard 6 0.46 0.26 (Note 2)
----------------------------------------------------------------------
/T/
Note 1: Diamond results for an additional sample weighing
approximately 2.5 tonnes are expected in January 2003.
Note 2: Not applicable due to small sample size.
During the winter field program, the joint venture intends to
collect approximately 40 tonnes of additional material from
Renard 2, 3, 4, 5, and 6 in order to have a cumulative sample of
10 tonnes or greater from each of these bodies. Taking into
account the material collected in 2002, the joint venture will
have collected an aggregate total of more than 50 tonnes of
kimberlitic material from the Core Area once this program is
completed. Additional drilling will also be conducted on these
five bodies and Renard 8 to better define their size. If results
warrant, the joint venture will consider, in future programs, a
larger program of systematic delineation drilling and the
collection of one or more bulk samples.
The Renard cluster of kimberlitic bodies also includes Renard 1
and 7, which are located 400 m north of the Core Area. The Renard
cluster and other portions of the Foxtrot property continue to
demonstrate the potential for additional kimberlitic discoveries.
A number of unexplained geophysical anomalies associated with
indicator mineral anomalies are present, including the high
priority geophysical anomaly mentioned above. The 2003 program
will therefore include ground geophysical surveying and the
drilling of new targets in both winter and summer, as well as a
summer indicator mineral sampling program.
In addition to the 153,000 hectare Foxtrot property, the joint
venture holds the Caniapiscau, Taiga and Tichegami properties
that together constitute 227,000 hectares of prospective mineral
permits. The joint venture will continue to explore these
properties in 2003 through indicator mineral sampling, ground
geophysics, and if warranted, drilling.
Ashton is the operator of the programs and Brooke Clements,
Professional Geologist and Ashton's Vice President, Exploration,
is responsible for their design and conduct and the verification
and quality assurance of analytical results. SOQUEM is a
wholly-owned subsidiary of SGF Minerals Inc., a subsidiary of
Societe Generale de Financement du Quebec ("SGF"). The mission of
the SGF is to carry out economic development projects in
cooperation with partners and in accordance with accepted
requirements of profitability. |
